Russia in Major Deals with Germany's Siemans

In a move to modernize the Russian economy, President Dmitry Medvedev is looking to German engineering giant Siemens.

Partnering with Siemens will be Russian Railways, which they'll work together on 22 railway switching yards throughout the country, and together produce 240 regional trains.

Siemens also landed a wind power deal where they'll install wind turbines in Russia as well.

Most products will be manufactured in Russia, Siemens said.

The deals for Siemens are reportedly worth about $2.8 billion.